MIRA INFORM REPORT
|
Report Date : |
08.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
AURUS
SPECIALITY COMPANY LIMITED |
|
|
|
|
Formerly Known As : |
INDO - RAMA CHEMICALS
[THAILAND] LTD. |
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Registered Office : |
66
Moo 1, T. Songkon,
A. Kaengkhoi, Saraburi 18110
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Country : |
Thailand |
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|
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|
Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
30.09.1986 |
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Com. Reg. No.: |
0105529035093 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Distributor and Exporter of Chemicals |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment
Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
AURUS SPECIALITY
COMPANY LIMITED
FORMER
: INDO - RAMA CHEMICALS
[THAILAND] LTD.
SUMMARY
BUSINESS
ADDRESS : 66 MOO 1,
T. SONGKON, A.
KAENGKHOI,
SARABURI
18110
TELEPHONE : [66] 36
251-672-6
FAX : [66] 36
251-671
E-MAIL
ADDRESS : vkg@indorama.net, ramesh@indorama.net
REGISTRATION
ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED
: 1986
REGISTRATION
NO. : 0105529035093
CAPITAL REGISTERED : BHT.
290,000,000
CAPITAL PAID-UP : BHT. 290,000,000
FISCALYEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE
: MR.
ALOKE LOHIA, INDIAN
PRESIDENT AND
MANAGING DIRECTOR
NO.
OF STAFF : 400
LINES
OF BUSINESS : CHEMICALS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR WITH
NORMAL BUSINESS ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
LOW PERFORMANCE
HISTORY
The subject was established
on September 30,
1986 as a
private limited company
under the registered
name INDO - RAMA CHEMICALS
[THAILAND] LTD., by Thai
and foreign groups to
produce chemical products.
On February 15,
2010 the subject’s
name was changed
to “AURUS SPECIALITY
COMPANY LIMITED”. It
currently employs approximately
400 staff.
The subject’s registered
and business address
was initially located
at 28th Floor, Ocean
Tower II, 75/64-65
Soi Sukhumvit 19,
Asoke Rd., Klongtoey
Nua, Watana, Bangkok 10110.
On
June 28, 2010
the registered address
was relocated to 66 Moo 1,
T. Songkon, A.
Kaengkhoi, Saraburi 18110,
and this is
the company’s head
office, factory I and warehouse.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Mohanlal Lohia
|
|
Indian |
81 |
|
Mr. Aloke Lohia |
|
Indian |
53 |
|
Mrs. Suchitra Lohia |
|
Thai |
47 |
|
Mr. Yashovardhan Lohia
|
|
Indian |
24 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Aloke Lohia
is the President
and Managing Director.
He is Indian
nationality with the
age of 53
years old.
Mr. Ramesh Kumar
Narsingphura is the
Marketing Manager.
He is Indian
nationality.
Mr. Saksit Kunthon
is the Chief
of Personnel.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, distributing
and exporting of
chemical products such
as Furfural, Furfural
alcohol, Acetic acid,
Formic acid and
etc.
IMPORT
[COUNTRIES]
Raw materials and
chemicals are imported from
Germany, India, United Kingdom,
Australia, Singapore and
Republic of China,
as well as
purchased from local
suppliers.
EXPORT
[COUNTRIES]
90% of the products
is exported to
Japan, Taiwan, Korea,
Germany, Finland, Netherlands,
United Kingdom, United States
of America, Indonesia,
Hong Kong, and Singapore,
and the remaining 10% is
sold locally to
wholesalers and end-users.
PARENT COMPANY
Beacon Chemical Limited
: Mauritius
Business Address : 37th Floor,
Ocean Tower II,
75/102 Soi Sukhumvit
19, Asoke Rd.,
Klongtoey Nua, Watana,
Bangkok 10110.
SUBSIDIARIES AND
AFFILIATED COMPANIES
Indo Worth [Thailand]
Co., Ltd.
Business Type : Manufacturer of
wool yarn
Indo - Rama Textiles [Thailand]
Co., Ltd.
Business Type : Manufacturer
of wool yarn
LITIGATION
Bankruptcy and
Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
for the past
two years.
CREDIT
Local
bills are paid
by cash or
on the credits
term of 30-60
days.
Sales are by
cash or on
the credits term
of 30-60 days.
Imports are by
L/C at sight
or T/T on
negotiated term.
Exports are against
T/T on negotiated
term.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office : 333
Silom Rd., Silom,
Bangrak, Bangkok 10500]
Siam Commercial
Bank Public Co.,
Ltd.
[Head Office : 9
Ratchadapisek Rd., Ladyao,
Jatujak, Bangkok 10900]
EMPLOYMENT
The subject employs
approximately 400 staff
[office staff and
factory workers].
LOCATION DETAILS
The premise is
owned for administrative office, factory I
and warehouse at
the heading address. Premise is
located in a
provincial, the Centre
region.
Factory II &
warehouse are located
at 99 Moo 7,
T. Nongchang, A.
Buengsamphan, Petchaboon 67610.
Bangkok
Office is located
at 28th Floor,
Ocean Tower II, 75/64-65
Soi Sukhumvit 19,
Asoke Rd., Klongtoey Nua,
Watana, Bangkok 10110. Tel.:
[66] 2661-6661 Fax:
[66] 2661-6664.
REMARK
MAXIMUM CREDIT SHOULD
BE GRANTED AT
USD 200,000.
COMMENT
The subject’s operating
performance in 2009
was stagnant with
a drastic decrease
in both sales
sale and net
profit comparing to the
same period of
2008. This was not
only due to
a slow growth
of related industries
but also an
intensified competition in
both local and overseas
markets.
In order to
increase and maintain
its business’s profit
margin, the subject
has cut costs
and expanded its business
aggressively of both
local and overseas markets
to ensure the company
as a key
global player in
the industry. Generally,
the subject’s business
is still promising.
FINANCIAL INFORMATION
The capital was
registered at Bht.
1,000,000 divided into 10,000
shares of Bht.
100 each.
The capital was
increased later as
followings:
Bht. 5,000,000
on September 29,
1987
Bht. 290,000,000
on October 22,
1993
The latest registered
capital was increased
to Bht. 290,000,000
divided into 2,900,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LIST
WERE : [as at April 30,
2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Beacon Chemical Limited
Nationality: Mauritius Address : 75/102
Soi Sukhumvit 19,
Asoke Rd.,
Klongtoey Nua, Watana,
Bangkok |
2,746,679 |
94.71 |
|
Kanematsu Corporation Limited Nationality: Japanese Address : 2-1, Shibaura
1-chome, Minato-ku, Tokyo,
Japan |
145,000 |
5.00 |
|
Mr. Anuj Lohia Nationality: Thai Address : Inter Tower
18 B, 35 Soi Sukhumvit
11, Klongtoey Nua, Watana, Bangkok
|
8,321 |
0.29 |
Total Shareholders : 3
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.:
Mr. Santi
Pongcharoenpith No. 4623
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2009 &
2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash in Hand
& at Bank
|
3,225,943 |
2,761,292 |
|
Trade Accounts Receivable |
150,629,181 |
260,049,875 |
|
Short-term Loan to Related Company |
632,731,887 |
414,213,340 |
|
Inventories |
108,392,023 |
125,727,118 |
|
Other Current Assets
|
24,136,702 |
10,936,338 |
|
Total Current
Assets |
919,115,736 |
813,687,963 |
|
|
|
|
|
Fixed Assets |
545,928,489 |
636,233,512 |
|
Other Assets |
110,000 |
290,000 |
|
Total Assets
|
1,465,154,225 |
1,450,211,475 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2009 |
2008 |
|
|
|
|
|
Bank Overdraft &
Short Term Loan
from Financial Institution |
581,328,584 |
590,563,406 |
|
Short-term Loan from Related Company |
356,706,717 |
212,800,000 |
|
Trade Accounts Payable |
18,024,792 |
20,271,137 |
|
Current Portion of Financial
Lease Contract Liabilities |
689,096 |
1,429,613 |
|
Other Current Liabilities |
9,890,289 |
32,233,995 |
|
Total Current
Liabilities |
966,639,478 |
857,298,151 |
|
|
|
|
|
Financial Lease Contract
Liabilities, net of
Current Portion |
149,400 |
1,273,296 |
|
Total Liabilities |
966,788,878 |
858,571,447 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value Authorized &
issued share capital 2,900,000
shares |
290,000,000 |
290,000,000 |
|
Capital Paid |
290,000,000 |
290,000,000 |
|
Surplus on Revaluation of Assets |
178,176,200 |
207,576,591 |
|
Statutory Reserve |
7,890,457 |
7,890,457 |
|
Retained Earning -
Unappropriated |
22,298,690 |
86,172,980 |
|
Total
Shareholders' Equity |
498,365,347 |
591,640,028 |
|
Total
Liabilities & Shareholders' Equity |
1,465,154,225 |
1,450,211,475 |
PROFIT & LOSS ACCOUNT
|
Sale |
2009 |
2008 |
|
|
|
|
|
Sales Income |
468,545,330 |
861,338,675 |
|
Gain on Exchange Rate |
- |
13,805,233 |
|
Interest Income |
20,973,789 |
11,542,832 |
|
Other Income |
- |
821,659 |
|
Total Sales
|
489,519,109 |
887,508,399 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
423,074,253 |
717,150,535 |
|
Selling Expenses |
58,582,736 |
97,874,691 |
|
Administrative Expenses |
25,898,729 |
39,353,175 |
|
Loss on Exchange
Rate |
13,089,390 |
- |
|
Total Expenses |
520,645,108 |
854,378,401 |
|
Profit Before Interest Expenses
|
[31,125,999] |
33,129,998 |
|
Interest Expenses |
[32,748,291] |
[30,587,593] |
|
Net Profit / [Loss] |
[63,874,290] |
2,542,405 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.95 |
0.95 |
|
QUICK RATIO |
TIMES |
0.81 |
0.79 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.86 |
1.35 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.32 |
0.59 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
93.51 |
63.99 |
|
INVENTORY TURNOVER |
TIMES |
3.90 |
5.70 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
117.34 |
110.20 |
|
RECEIVABLES TURNOVER |
TIMES |
3.11 |
3.31 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
15.55 |
10.32 |
|
CASH CONVERSION CYCLE |
DAYS |
195.30 |
163.87 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
90.30 |
83.26 |
|
SELLING & ADMINISTRATION |
% |
18.03 |
15.93 |
|
INTEREST |
% |
6.99 |
3.55 |
|
GROSS PROFIT MARGIN |
% |
14.18 |
19.78 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(6.64) |
3.85 |
|
NET PROFIT MARGIN |
% |
(13.63) |
0.30 |
|
RETURN ON EQUITY |
% |
(12.82) |
0.43 |
|
RETURN ON ASSET |
% |
(4.36) |
0.18 |
|
EARNING PER SHARE |
BAHT |
(22.03) |
0.88 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.66 |
0.59 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.94 |
1.45 |
|
TIME INTEREST EARNED |
TIMES |
(0.95) |
1.08 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(45.60) |
|
|
OPERATING PROFIT |
% |
(193.95) |
|
|
NET PROFIT |
% |
(2,612.36) |
|
|
FIXED ASSETS |
% |
(14.19) |
|
|
TOTAL ASSETS |
% |
1.03 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
14.18 |
Impressive |
Industrial Average |
10.07 |
|
Net Profit Margin |
(13.63) |
Deteriorated |
Industrial Average |
1.37 |
|
Return on Assets |
(4.36) |
Deteriorated |
Industrial Average |
3.50 |
|
Return on Equity |
(12.82) |
Deteriorated |
Industrial Average |
10.32 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales after accounting for the
cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. Gross Profit Margin is 14.18%. When
compared with the industry average, the ratio of the company was higher,
indicated that company was more profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is -13.63%.
When compared with the industry average, the ratio of the company was lower.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. When compared with the
industry average, it was lower, the company's figure is -4.36%.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. When compared with the
industry average, it was lower, the company's figure is -12.82%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
0.95 |
Risky |
Industrial Average |
1.41 |
|
Quick Ratio |
0.81 |
|
|
|
|
Cash Conversion Cycle |
195.30 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 0.95 times in 2009, increase from 0.95 times, then the company may
have problems meeting its short-term obligations. When compared with the
industry average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.81 times in 2009,
increase from 0.79 times, by excluding inventory, the company may have problems
meeting current liabilities.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 196 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.66 |
Impressive |
Industrial Average |
0.61 |
|
Debt to Equity Ratio |
1.94 |
Risky |
Industrial Average |
1.74 |
|
Times Interest Earned |
(0.95) |
Risky |
Industrial Average |
2.23 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is
using less leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is -0.96 lower than 1, so the company is not generating enough
cash from its EBIT to meet its interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.66 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.86 |
Deteriorated |
Industrial Average |
10.31 |
|
Total Assets Turnover |
0.32 |
Deteriorated |
Industrial Average |
2.56 |
|
Inventory Conversion Period |
93.51 |
|
|
|
|
Inventory Turnover |
3.90 |
Acceptable |
Industrial Average |
7.30 |
|
Receivables Conversion Period |
117.34 |
|
|
|
|
Receivables Turnover |
3.11 |
Acceptable |
Industrial Average |
4.60 |
|
Payables Conversion Period |
15.55 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.74 |
|
UK Pound |
1 |
Rs.73.25 |
|
Euro |
1 |
Rs.65.48 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.